Silver

Key insight

Silver has broken out of its multi-week $57–$60 consolidation range on a combination of geopolitical de-escalation optimism, a softening US dollar, and the Fed holding rates steady — the bull case is building toward a retest of the $70 zone.

Silver has surged 4.22% today to $62.07, decisively clearing the July 10 swing high near $60.00 and the key psychological $60 resistance level, as Hormuz strait diplomatic progress drives a simultaneous gold and safe-haven bid.

Main risk

US-Iran Hormuz Strait Re-escalation

If diplomatic negotiations collapse and Iran re-blockades the Strait of Hormuz, a spike in oil prices would reignite inflation fears and pressure the Fed toward a hawkish pivot, negating the current tailwind for silver.